Leominster Credit Union posts large gains

A recent report in Boston Business Journal placed Leominster Credit Union first among the area’s 25 largest credit unions for the largest one-year percentage gain in assets.

With $475 million in total assets as of March 31 (compared to $379 million one year earlier), LCU achieved an annual percent asset growth of over 25 percent, which outpaced other credit unions by anywhere from 4 to 17 percent.

That asset increase moved LCU to 11th among area credit unions, up from last year’s 13th position, based on assets.

“In a difficult economy, we’re very pleased with our asset growth,” commented Gordon R. Edmonds, LCU’s president and CEO. “The strategic plan we began implementing in 2008 is helping us reach our goal of being the best at what we do.”

The results reported by the journal follow a robust 2008 fiscal year for LCU, when it achieved record-setting operational earnings along with unprecedented asset growth and significant investment and deposit increases.

“The goal of our strategic plan is very clear,” Edmonds said. “We will be recognized by our members and peers as the industry leader, with products, services, and employees that set the standard.”

To that end, LCU is upgrading its facilities, training its member service representatives, and investing in technology.

“When we were drafting our strategic plan in late 2007, we all agreed that we needed to increase our technology capabilities because technology was going to play a big part in our moving forward,” states Edmonds. “In order to grow, we need to appeal to a generation of members that’s very comfortable with the latest technology. We are doing that because we intend to be unsurpassed when it comes to member convenience.”